Engineering, procurement, and construction (EPC) firm , IKRAN Engineering & Exim has raised fresh capital of $10 million in a pre-IPO placement round to grow its EPC business.
Madhu Lunawat, CIO of India Inflection Opportunity Fund, stated “With unparalleled execution capabilities backed by a professional team, a clear vision, and a strong promoter pedigree, we are quite excited about the potential for growth in VIKRAN. Further, we believe that the EPC industry will be critical for India’s ambitious plan of becoming the third largest economy with a GDP of approximately $8 trillion.”
The funding by VIKRAN Private Limited, was raised from India Inflection Opportunity Fund, Ashish Kacholia, and other investors.
VIKRAN Records CAG of 25% in Fiscal 2021-23
VIKRAN offers solutions for power-related projects, including infrastructure, transmission, substations, and distribution. In the fiscal year 2023, it generated a revenue of Rs 526 crore, recording a compound annual growth rate of 25% from fiscal 2021 to 2023.
In November 2023, Pantomath Financial Services Group closed its pre-IPO fund, India Inflection Opportunity Fund, raising a sum of Rs 500 crore ($60 million), targetting companies in the pre-IPO stages.
While Inflection Opportunity Fund contributed Rs 45 crore in the round, Kacholia and others invested Rs 36.5 crore. Collectively, they acquired approximately 11% stake in the company. Pantomath Capital Advisors Private Limited served as the exclusive investment banker and financial advisor for this transaction.
